Exclusive: Lifelong Online Nets $13 Mn At $500 Mn Valuation

SUMMARY

D2C consumer durables brand Lifelong Online raised the funding from its existing investors

The valuation number may be even higher, a source said, adding that the startup plans to deploy the capital for general business expenses

Lifelong Online sells consumer durable products across two categories – home and kitchen, and health and fitness

D2C consumer durables brand Lifelong Online has raised $13 Mn (INR 114 Cr) from existing backers at a post-money valuation of $500 Mn (INR 4,000 Cr), sources told Inc42.

The startup’s existing investors include Hero’s Sunil Kant Munjal, Tanglin Ventures, among others.

The valuation number may be even higher, one of the sources said, adding that the startup plans to deploy the capital for general business expenses.

Lifelong Group chairman Atul Raheja declined to comment on Inc42’s queries about the funding round.

Founded in 2015 by Raheja, Bharat Kalia and Varun Grover, Lifelong Online sells consumer durable products across two categories – home and kitchen, and health and fitness.

It offers products such as gas stoves, mixer grinders and cookware and others in the home and kitchen category. It also sells treadmills, dumbbells and yoga accessories on its online platform. The startup’s products are also sold via ecommerce and quick commerce platforms like Amazon, Flipkart, Blinkit, Zepto, among others.

In 2021, US-based Thrasio acquired Lifelong Online. However, it offloaded most of its stake in the startup to its cofounders, giving up the controlling stake.

Lifelong Online competes against the likes of Nuuk, Philips, Bajaj, Atomberg, among others.

The Delhi NCR-based startup claims to operate six manufacturing units, and manufactures nearly half of its products in India.

On the financial front, its net loss widened 9% to INR 63 Cr in FY24 from INR 58 Cr in the previous year. Operating revenue rose 12% to INR 380 Cr during the year under review from INR 339 Cr in FY23.

The fundraise comes at a time when a slew of startups are emerging in the Indian appliances space on the back of growing discretionary incomes, rising demand for design-led and smart products, and government incentives to encourage the manufacturing of white goods.

As a result, the space is witnessing a lot of interest from VC and PE firms. Earlier this month, home appliance brand Nuuk raised an additional $2 Mn from its existing investors.

In May, kitchen assistance robot maker Posha (formerly known as Nymble Labs) raised $8 Mn in its Series A funding round led by Accel. Similarly, brands like Beyond Appliances, KARBAN, upliance.ai and Keus have raised funding in the past few months.

At the heart of all this is India’s growing consumer durables market, which is projected to become a $34 Bn opportunity by 2030.